WHITE STAR GOLD DREDGING COMPANY.

Otago Witness, Issue 2433, 31 October 1900, Page 21

WHITE STAR GOLD DREDGING COMPANY.

The first annual meeting of the White Star Gold Dredging Company was held in the Agricultural Hall on Monday evening, the chairman of directors (Mr W. H. Melton) presidinfi, and there being about a dozen shareholders in attendance.

Mr Melton, in moving the adoption of the annual report and balance sheet, the former of which has appeared in print, said shareholders would see that there was a big balance in the bank, and the reason, of that was that the contractors had not got on with, their work so as to entitle them to draw on the finances. The company had no progress payments to make like other companies. The dredge was to cost £4260, and the first payment of £1000 was due when the pontoons were launched. The next payment for a similar amount was when the machinery was on the ground, the third, also of £1000, was due when the machinery started, and the balance when the dredge had been running for a month. So far as the pontoons were concerned the contractor expected to have them afloat in another fortnight's time, and a fortnight later the machinery would all be on the ground. It would be to the benefit of the contractors to hurry on Avith the work because they did not get any money unless' they progressed with it. Mr W. R. Frost seconded the motion for the adoption of the report and balance sheet, the latter showing unpaid calls £691 10s, and the motion was carried without dissent.

The Chairman, in reply to a question, said he expected the dredge would start work in eight or 10 weeks, but others mentioned three months as the more probable time.

Two of the directors, Messrs J. R. Macdonald and G. L. Tacon, out of the six having retired, it was resolved to reduce the number to four, and Mr R. T. Wheeler, jun., was re-elected Auditor. * .

The meeting closed with a vote of thanks to the chairman.